Dune Digest #030 – Real‑World Assets Accelerate on‑chain in September
September 2025 saw the on‑chain real‑world asset (RWA) sector continue its rapid expansion, confirming the four theses outlined in Dune’s latest “RWA Report 2025”. Treasury‑like tokens remain the foundation, while capital is flowing into higher‑yield products, DeFi protocols are deepening integration, and a growing variety of tokenised instruments is attracting a broader user base.
1. Treasury‑style tokens cement the base layer
The most liquid, low‑risk assets continue to dominate the RWA landscape.
- Benji on BNB Chain – Franklin’s “BENJI” protocol, originally launched on Ethereum, was extended to the BNB ecosystem, widening the reach of cash‑equivalent products.
- thBILL on Ethereum & Arbitrum – Theo Network’s tokenised short‑duration U.S. Treasury bill (thBILL) surpassed the $100 million TVL milestone and quickly became the top USD‑denominated asset on Arbitrum’s “DRIP” market, with an $82 million market size.
- Galaxy’s multichain money‑market fund – The firm announced a forthcoming token‑fund spanning Ethereum, Solana and Stellar, aiming to aggregate institutional cash equivalents under a single on‑chain wrapper.
These moves reinforce the report’s main point: high‑quality, liquid treasuries are the credibility anchor for the entire RWA ecosystem, even as higher‑risk, higher‑return products proliferate.
2. Capital climbs the yield curve
With a solid treasury foundation, investors are allocating capital to credit‑centric and equity‑linked tokens that offer higher yields.
| Project | Deployment | Notable Figures |
|---|---|---|
| Grove | $50 M invested in Anemoy’s Tokenised Apollo Diversified Credit Fund (ACRDX) on Plume × Centrifuge | First large‑scale credit fund on‑chain |
| Maple | “syrupUSDC” passed $4 B AUM, extending to Arbitrum via DRIP | $2.6 B in assets, $1.2 B loans outstanding |
| syrupUSDT | $636 M TVL (second to syrupUSDC) | $200 M “Plasma” vault filled instantly |
| Ondo Global Markets | TVL > $300 M, ETFs now represent ~61 % of its assets | Growing institutional interest |
| Galaxy (GLXY) | Tokenised shares on Solana, SEC‑registered; holder count rose to 70+ | Demonstrates cross‑chain equity tokenisation |
| Centrifuge | Launched SPXA, the first licensed S&P 500® index fund token on Base (Wormhole expansion planned) | Bridges traditional equity exposure to DeFi |
The data shows a clear migration of capital from safe‑haven treasuries to diversified credit pools and equity‑linked products, a trend that pushes the overall RWA TVL higher while maintaining a risk‑adjusted balance.
3. DeFi bridges tighten
Bridging compliant assets to permissionless finance remains a focal point.
- Aave Horizon – RWA market sit‑up at $180 M total, with $134 M of supplied liquidity and $45 M borrowed, led by products such as Superstate’s USCC and RLUSD.
- Centrifuge deRWA – Expanded to Stellar, deploying $20 M into two new tokens (deJTRSY & deJAAA). deJAAA crossed the $1 M DEX‑volume mark on Base, underscoring growing liquidity on non‑EVM chains.
- Pendle integration – Theo Network’s thBILL linked with Pendle in September, allowing users to trade future yield streams via Principal and Yield tokens.
- XRP Ledger’s MPT – A new module intended to streamline compliant RWA issuance while preserving DeFi composability.
These integrations improve accessibility and capital efficiency, allowing users to move between compliant and permissionless layers without sacrificing regulatory safeguards.
4. Infrastructure upgrades fuel the flywheel
Beyond protocols, the underlying infrastructure is evolving to support the expanding RWA universe.
- Securitize – Rolled out to Sei, debuting Apollo’s ACRED as the first tokenised offering on the network.
- XRP Ledger’s MPT – Designed to accelerate compliant RWA issuance, further blurring the line between legacy finance and DeFi.
Such developments broaden the number of chains that can host compliant assets, reducing concentration risk and enhancing network effects.
5. New asset categories emerge
The sector is no longer limited to treasuries and credit; novel products are carving out niches.
- GAIB (GPU‑backed yield) – Grew TVL from $72 M to $115 M, adding a USD‑1 vault on BNB Chain.
- Spiko’s EUTBL – Crossed 1,500 holders, signalling growing demand for non‑USD money‑market alternatives.
These additions diversify the risk‑return profile available to on‑chain investors, attracting participants who previously shunned the RWA space due to limited product variety.
6. User adoption metrics
Recent charts (see Dune’s visualisations) illustrate a steady rise in both TVL and unique depositor counts across the RWA sector. Key observations:
- Total TVL by symbol shows a dominance of treasury‑linked tokens but with a sharp upward slope for credit‑based assets.
- Depositor counts have risen markedly, reflecting wider retail participation beyond institutional actors.
Key Takeaways
| Insight | Implication |
|---|---|
| Treasuries remain the liquidity anchor | New entrants and investors view tokenised cash equivalents as the safest on‑chain foothold. |
| Capital is moving up the yield curve | Credit and equity tokenisation are scaling, delivering higher yields while preserving on‑chain composability. |
| Cross‑chain and multi‑protocol integration is accelerating | DeFi protocols (Aave, Maple, Pendle, etc.) are embedding RWA products, broadening access and utility. |
| Infrastructure is expanding to non‑EVM ecosystems | Deployments on Sei, Stellar, and XRP Ledger diversify the technical landscape and reduce single‑chain risk. |
| New asset classes are attracting broader user bases | GPU‑backed yield and alternative money‑market tokens are opening the market to participants seeking higher‑risk, higher‑return opportunities. |
| Overall flywheel effect is evident | Quality base assets → higher‑yield products → deeper DeFi integration → broader access → increased TVL and user adoption. |
The September data confirms that the RWA flywheel is spinning faster than ever, with each layer of the stack reinforcing the next. As tokenised treasuries continue to provide a trusted foundation, the ecosystem’s expanding credit, equity, and alternative‑yield products are deepening DeFi integration and inviting a more diverse set of users onto the blockchain.
For a deeper dive into the numbers, charts, and underlying theses, the full “RWA Report 2025” can be downloaded from Dune’s website.
— Prepared by the Dune Digest editorial team
Source: https://dune.com/blog/dune-digest-30
